School Audit Checklist ELEMENTARY AND MIDDLE SCHOOLS 1

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School Audit Checklist

ELEMENTARY AND MIDDLE SCHOOLS

1. Checkbook (complete with running balance)

2. Names of authorized check signers (2 signatures, one must be the

principal)

3. Monthly bank statements

4. Monthly bank account reconciliation sheets

5. Cancelled checks with appropriate backup (i.e. receipts, vendor

invoices, etc.)

6. Bank deposit slips (reviewed for timeliness)

7. Purchases over $1,000 per item must adhere to the SAP

requisition process (i.e. playground equipment)

8. Supporting backup for money received (i.e. ticket sales report,

sales log)

9. Cash transaction sheets

10. Items #5 and #6 should be filed with the Cash Transaction

11. Cash transaction sheets and bank reconciliations (latest

copies) should be forwarded to Fiscal Control Office at the end of

each semester

12. Trust Funds must remain in compliance with the stated guidelines

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PROCEDURES FOR SCHOOL ACTIVITY ACCOUNTS

FOR ELEMENTARY & MIDDLE SCHOOLS

CASH RECEIPTS

All cash receipts should be documented on Cash Transaction Sheets with

columns indicating date funds were received, fund source, amount and

description of intended use. A running balance should be updated with

each deposit and should always agree with the checkbook balance.

All checks received should immediately be endorsed “For Deposit Only”

by the Principal or other authorized school personnel. Bank deposits

should be made within 3 days of receipt. Any funds left overnight should

be locked in a cabinet, desk drawer or safe to prevent theft of school

funds.

Cash receipts (i.e. Courtesy Funds, Sunshine Funds, etc.) should not be

intermingled with other school funds. These funds should not be

deposited in the school’s bank account and should be tracked separately.

CASH DISBURSEMENTS

For disbursements over $200, the school should utilize the formal requisition

process in SAP.

For disbursements under $200, the procedures below should be followed:

All cash disbursements should be documented on Cash Transaction Sheets

with columns indicating the disbursement date, check number,

disbursement amount and description of expenditure. A running balance

should be updated with each transaction and should always agree with the

checkbook balance.

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All schools must have a minimum of two authorized check signers on file

with the bank, one of which must be the Principal.

All disbursements should be made by pre-numbered checks issued from the

school’s checking account. All checks should be issued in sequential order.

All voided check should be clearly marked “VOID” with the signature

portion removed from the check.

Under no circumstances will:

1. Checks be made payable to “Cash”

2. Blank pre-signed check be issued

3. Debits/withdrawals be made at the bank counter

4. Credit/Debit/ATM card transactions be made

The Principal is responsible for ensuring all reimbursements made to staff

for out-of-pocket expenses equal the totals on the teacher’s submitted

receipts. Under no circumstances should cash reimbursements be made.

The school is responsible for displaying proof of their sales tax exemption

status to vendors. Any sales tax charges submitted for reimbursement will

be denied.

Reimbursement of school funds for food purchases related to legitimate

school meeting and functions must be submitted on a Voucher Certification

Form, with original invoices or receipts, a sign-in sheet and agenda.

Reimbursement of school funds for legitimate, school-related expenditures

should be submitted on a Voucher Certification Form. The completed form,

and original invoice or receipt, should be forwarded to the Fiscal Control

Office for processing.

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All expenditures, reimbursable or not, must be supported with original

invoices or receipts to confirm that the purchases are for legitimate student

or school use.

FUNDRAISING ACTIVITIES

The Principal will have overall supervision of all fundraising activities that

take place on school grounds, whether organized and sponsored by the

school, the parent organization or both. The Principal must be an

authorized signer on all bank accounts for the school and parent

organization.

The Principal should maintain a completed Fundraising Approval Form on

file for each planned activity. This form should include a description of the

activity, a statement of the fundraiser’s purpose, the anticipated gross

receipts and net proceeds, and copies of any contractual agreements

relating to the activity.

For each activity, the sponsor should maintain documentation. Refunds will

only be made by check.

Parents requesting refunds must provide receipts as documentation.

Refunds will only be made by check.

Upon completion of the fundraising activity, the Principal should maintain

on file a summary detailing the net proceeds, certification that all expenses

have been paid, and a statement verifying that the proceeds will be used as

previously stated on the Approval Form.

The parent organization is entitled to receive all proceeds from activities

organized and sponsored solely by the parent organization. Activities held

on school grounds must be approved in advance by the Principal, and, upon

completion of the event, a financial report must be submitted to the

Principal.

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MONTHLY ACCOUNTING AND REPORTING

Bank statements are to be mailed directly to the school and opened by the

Principal. Cancelled checks will be filed with each monthly statement.

Bank reconciliations will be performed monthly. The ending bank

statement balance must reconcile to the balance on the Cash Transaction

Sheet.

Returned checks should be investigated immediately. Reconciliations

should be documented and adjusted to the Cash Transaction Sheet.

Each month, copies of Cash Transaction Sheets and bank reconciliations

should be forward to the Fiscal Control Office.